Colombia implemented a new wealth tax that affects taxpayers with a net equity equal to or greater than approximately US$430,000.
Luxembourg has created a new Ruling Commission to consider written ruling requests and confirm the tax treatment of a proposed taxpayer transaction.
The United Kingdom recently released details of its proposed diverted profits tax in its 2015 Finance Bill.
U.K. announced new measures that will introduce an anti-avoidance tax on diverted profits, among other changes, in its Autumn Statement on December 3, 2014.
The OECD announced a one-hour webcast to provide an update on its BEPS initiative scheduled for December 15, 2014 from 3 to 4 pm (CET).
Canada's Free-Trade Agreement with South Korea will come into effect on January 1, 2015 as both countries have ratified the Agreement.
Mutual Agreement Procedure cases in OECD countries for resolving cross-border tax disputes increased from 2006 to 2013, with a small decrease in 2010.
The EU Council discussed the proposed FTT for participating member states and the proposal to introduce GAAR to target the EU Parent-Subsidiary Directive.
Canada signed a protocol with Spain on November 18, 2014 to amend the tax treaty between the two countries.
Luxembourg announced new measures to clarify its transfer pricing provisions and to formalize its tax clearance process effective January 1, 2015.
KPMG U.S.'s webcast, "A Tax Dispute and Controversy Update - Exchange of Information", was presented on October 23, 2014.
KPMG U.S.'s webcast, "Game, Set, "Mismatch"-Latest OECD Plans for Hybrid Structures Reflect a Slowly Evolving Consensus", was presented on October 24, 2014.
The OECD, G20 and major financial centres endorse the new global standard for the exchange of information between jurisdictions.
Ireland announced tax changes in its budget on October 14, 2014 that could be of interest to Canadian clients with investments in the country.
The EU recently agreed on a draft directive to amend the existing EU rules for information exchange between the tax administration of member states.
The EU Commission recently opened tax investigations into corporate tax rulings issued by Ireland, Luxembourg and Gibraltar.
The 2014 edition of KPMG's frontiers in tax focuses on significant developments in the global move toward the automatic exchange of information.
Tax developments in Poland could be of interest to Canadian clients with investments in the country.
The OECD released a timetable for stakeholder input on October 1, 2014 to develop the remaining measures in the BEPS action plan.
The Netherlands released proposed tax measures in its budget delivered on September 16, 2014.
Canada signed a second protocol with New Zealand on September 12, 2014 in Wellington.
Recent tax developments in Brazil could be of interest to Canadian businesses operating in the country.
Australia tax authorities confirm that the e-currency Bitcoin may be subject to its GST where it has a cost base of $10,000 or more in Australia.
The U.K. released updated draft legislation on proposed reporting requirements for extractive companies on August 21, 2014.
On August 19, 2014, the U.K. tax authorities released two consultation papers that intensify the crackdown on offshore tax evasion.
China's tax authorities are actively looking at companies that have made service fees or paid royalties to overseas related entities from 2004 to 2013.
The OECD released the full version of a new global standard for the exchange of information between jurisdictions on July 21, 2014.
The OECD Council approved an update to the OECD Model Tax Convention and related commentary in July 2014.
In a recent survey, KPMG examined and evaluated which countries process VAT and GST refunds most efficiently.
One of India's high courts recently allowed details of foreign employees on a social media website as evidence for determining PE in India.
The CRA recently released its 2013-2014 Advance Pricing Arrangement (APA) Program Report for the CRA's year ended March 31, 2014
Finance has announced that Canada's Tax Information Exchange Agreement (TIEA) with Uruguay came into force on June 27, 2014.
The CRA's 2013-14 Mutual Agreement Procedure Program Report shows that the CRA is making gains in some areas towards reaching its targeted completion times.
The CRA released its much-anticipated administrative guidance on the (IGA) between Canada and the U.S. passed into law on June 19, 2014.
The ECOFIN reached an agreement on a revised version of the proposed amendments to the EU Parent-Subsidiary Directive on June 20, 2014.
EU investigates whether tax rulings in Ireland, the Netherlands and Luxembourg grant unfair advantages to certain global companies.
If you have employees who are members of an employee benefit plan or a stock plan administered through a non-resident trust (NRT), you should review Canada's new deemed resident trust rules.
Japan has enacted its 2014 tax reform legislation that eliminates a special reconstruction corporation tax a year ahead of schedule.
Participating EU member states have reportedly agreed to implement a scaled-down version of the proposed FTT starting in 2016.
India recently held that the employees of a multinational corporation seconded to an Indian affiliate created a Service PE in India.
The Declaration on Automatic Exchange of Information in Tax Matters was endorsed by all 34 OECD member countries.
Canadian multinationals with subsidiaries or investments in Chile should consider the proposed major changes to Chile’s tax system
Greece has new policy on taxing capital gains realized by non-residents from February 29, 2012 to December 31, 2013 on government and corporate bonds.
The EU didn't pass proposed changes to the EU Parent-Subsidiary Directive to prevent cross-border hybrid loans at a meeting on May 6, 2014.
The FCA unanimously upheld the TCC’s decision in the taxpayer's favour in The Queen v. Lehigh Cement Limited et al.
Russia has proposed draft legislation to prevent the use of offshore companies for tax purposes.
Finance has announced that its Tax Information Exchange Agreement (TIEA) with Bahrain came into force on April 3, 2014.
Finance announced that Canada has signed a Protocol amending the Tax Convention with Belgium on April 1, 2014.
The United Kingdom delivered its 2014 budget on March 19, 2014.
Finance has announced that its Tax Information Exchange Agreement (TIEA) with the British Virgin Islands came into force on March 11, 2014.
Canada signed a free-trade agreement (FTA) with South Korea on March 11, 2014.
Singapore's 2014 budget includes tax measures that could affect Canadian banks operating in Singapore.
KPMG Global's recently updated report, "Taxation of Real Estate Investment Trusts", summarizes the real estate investment trust (REIT) regimes in Europe, Asia Pacific, and the Americas, as of October 31, 2013.
KPMG Global's webcast "Transfer Pricing Documentation and Country-by-Country Reporting: OECD's Discussion Draft on 'Action 13' of the BEPS Action Plan", aired on February 7, 2014 and is now available for replay.
The OECD has released a revised timetable outlining the key dates for publications and comment deadlines related to its Base Erosion Profit Sharing (BEPS) Action Plan.
The OECD released its global standard for automatic exchange of financial account information on February 13, 2014.
The U.S. Treasury Department's Financial Crimes Enforcement Network has once again extended the filing deadline required to file Form TDF 90-22.1, "Report of Foreign Bank and Financial Accounts" to June 30, 2015.
Finance has announced that its Tax Information Exchange Agreement (TIEA) with Liechtenstein came into force on January 26, 2014.
France's Parliament approved the country's Finance Act for 2014 and Corrective Finance Act for 2013 on December 19, 2013.
The new Protocol amending the Canada-France tax treaty entered into force on December 30, 2013. As a result, the provisions of the Protocol related to Canadian withholding taxes will take effect January 1, 2014.